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Listed by Kristen Mussenden • Buckingham Investments, Inc
$1,595,000
Est. payment /mo
4,840 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 4,840 sqft
Price per Sqft $329
MLS Listing ID SB-26199827
Year Built 1923
Lot Size 7,316 Sqft
Property Sub-Type Apartment
Source California Regional Multiple Listing Service (CRMLS)
Property Description
This clean, well-maintained property presents a great opportunity for those looking to own a stable asset that is east to manage and operate. Located directly across from Drake Park in Long Beach's historic Drake Park/Wilmore City neighborhood, there are 6 large units within 2 structures on a 7,316sqft lot with 5 garages. Priced at a 10.99 GRM and 6.0% cap rate, the property offers immediate upside with 5 of 6 units eligible for rent increases, plus long-term value-add potential via 5 single-car garages that may allow for future ADU conversion. 5 of 6 units tastefully renovated in 2021 and recent capital improvements include new exterior stairs, new water heaters in 4 of 6 units, and upgraded breakers/subpanels. The lot features a charming central courtyard, and it's located across the street from the Historic Drake Park with proximity to over $8 billion in ongoing and planned development near Downtown Long Beach and the Waterfront. This is a great deal for all investors, especially those that need the end of the year tax shelter benefits and/or those currently in a 1031 exchange.
Location
State CA
County Los Angeles
Interior
Laundry Common Area
Exterior
Garage Spaces 5.0
Pool None
Community Features Park, Sidewalks, Street Lights, Suburban
Building
Lot Description 6-10 Units/Acre, Back Yard
Sewer Public Sewer
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Nearby Locations
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John R Thompson
Broker/Owner License ID: 01200900
Broker/Owner License ID: 01200900